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Lindsey Rosenwald’s Fortress Biotech is now ranked among the most promising and profitable companies in the U.S. in the Russell 3000 Index. Fortress Biotech specializes in finding and funding innovative and life-saving drugs. The news comes as Lindsay Rosenwald and his company recently ranked in the Top 10 of Deloitte’s 2019 Technology Fast 500 list.
Dr. Lindsay Rosenwald is CEO of Fortress Biotech, a company specializing in seeking out potentially successful and in-demand drugs. In an interview with Talk Markets, Rosenwald commented on how his company works:
“Fortress Biotech’s goal is to identify potentially effective drug candidates, in-license them and form partner companies led by people with the expertise to develop them so they can reach patients as efficiently as possible. Fortress Biotech and our partner companies now have more than 25 product candidates. Of those, 16 are in clinical trials and five are revenue-generating dermatology products.”
Ranked in the Russell 3000 Index
The Russell indexes’ work by ranking the 4,000 largest U.S. stocks beginning on May 8th according to market capital. Once ranked and accepted, the stock gains membership for one year and is automatically included in either the Russell 1000 Index or Russell 2000 Index. These two indexes separate the largest 1000 companies and the smaller (2000) companies in the index. The Financial Times Stock Exchange provides a range of indexes for investors, Russell being one of them, to measure and analyze global markets.
“We are very pleased to join the Russell 3000 index, which we believe will increase the company’s visibility with investors and institutions. We continuously strive to enhance stockholder value as we acquire, develop and commercialize high-potential marketed pharmaceutical products and product candidates. Together with our partner companies, Fortress Biotech currently has a robust portfolio of five marketed prescription pharmaceutical products and over 25 programs in development. We also congratulate our partner company, Avenue Therapeutics, on its inclusion in the Russell 3000 index.”
Solving Cancer and Coronavirus
The company recently announced their partnership with Columbia University [ story here ] in an effort to develop new cancer treatments. Specifically, they will look at producing oligomers, what the company calls ‘ONCOlogues’, to treat previously untreatable cancers. Rosenwald also believes these oligomers show some promise in treating COVID-19. The reasoning is that coronaviruses have RNA genomes with a single strand, which make them ideal targets for these new oligomers. While nothing is certain yet, the company is in the testing phase to establish proof-of-concept for a future vaccine.
Lindsay Rosenwald spoke on the promising new agreement:
“We are excited to work with the excellent scientists and physicians at Columbia University again. Our last joint effort with Columbia University led to the formation of our partner company, Caelum Biosciences, Inc. (“Caelum”). Since formation, Caelum has raised approximately $60 million in development funding from a number of sources, with additional amounts available upon the satisfaction of certain milestones and will be initiating two registration clinical trials in the next several weeks.
“Building upon our success with Caelum, we are grateful to Columbia University for entrusting us to develop this highly innovative technology using oligonucleotides to target genetically driven cancers and coronaviruses. Using a targeted genetic approach to treat cancer has become essential to limiting toxicity and treating patients effectively. This technology has the potential to target mutations that have previously been considered undruggable. Oncogenuity will aggressively pursue the development of ONCOlogues to ultimately provide patients with new, safe and effective treatment options.”
With the recent events of the global pandemic there is a new understanding of the necessity for quick and effective solutions to health problems. As technologically innovative biotech companies top the lists of most profitable stocks in Indexes worldwide, Lindsay Rosenwald is at the forefront of the future. Not only that, he’s got a billion dollar business [ read: Cougar Technologies sold to johnson & Johnson ] on his list of achievements.
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Photo provided by the author.